The merger of state-run hydro power giant NHPC with Lanco Teesta Hydro Power Ltd is likely to get the approval of the ministry of corporate affairs (MCA) in August after a final hearing, a government official said.
“The MCA had issued the order in February that the stakeholders and creditors approval may be sought for the merger of NHPC with Lanco Teesta. After the company submits both the approvals, the ministry will call for a final hearing likely in August after which the approval will be given,” the official told Moneycontrol.
Also Read: NHPC to develop pumped storage, renewable projects in Odisha
The stakeholders and creditors approval is likely to be submitted by the company over the next two months to the ministry of corporate affairs, people familiar with the matter exclusively told Moneycontrol.
NHPC had bagged 500 MW Teesta VI hydro power project under corporate insolvency resolution process. Earlier, the Hyderabad bench of National Company Law Tribunal (NCLT) had approved the resolution plan of NHPC on July 26, 2019 for debt-ridden Lanco Teesta. This was the first time that a state-owned company had bagged a project under the IBC (Insolvency and Bankruptcy Code).
Lanco Teesta Hydro Power Ltd is executing the 500 MW (125 MWx 4) Teesta VI hydro project on Teesta river in Sikkim.
NHPC posted a 39.20 percent jump in its Q4FY23 consolidated net profit at Rs 719.18 crore, against Rs 515.90 crore during same quarter last year. Total income also rose to Rs 2,228.68 crore from Rs 2,026.62 crore in the year-ago quarter. For the entire 2022-23, net profit increased to Rs 4,234.74 crore from Rs 3,774.33 crore in the previous fiscal year. Total income during the entire fiscal year was at Rs 11,284.90 crore, higher than Rs 10,108.26 crore in FY22.
NHPC Ltd recently inked an initial pact with an Odisha state utility to develop 2,000 MW of pumped storage projects and 1,000 MW renewable energy in the state. Maharashtra government earlier this month signed a Memorandum of Understanding (MoU) with NHPC for the establishment of pumped hydro storage units and other renewable projects.
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